• Deborah

The Investment Industry Regulatory Organization of Canada (IIROC) published today for public comment certain proposed amendments to the Dealer Member Rules (the ‘Rules’).


The proposed changes are meant to adopt certain IIROC Rule provisions into the existing Rules before December 31, 2021 (and initially scheduled to be adopted on June 1, 2020 but postponed due to the COVID-19 pandemic) without negatively impacting investor protection or increasing regulatory burden on dealers members.


IIROC proposed changes are related to (among others):

  • Client identification and verification during the account opening process, changing the corporate beneficial ownership threshold from 10% to 25% in accordance with AML laws

  • Proficiency and education, providing registrants the flexibility of either completing the CSC or Level I or higher of the CFA

  • Post licensing requirements, removing the obligation for Registered Representatives to complete the Effective Management Seminar

  • Course validity, extending the latter from two to three years for all courses in the Rules

Comments are to be provided by September 8, 2020.


The IIROC Notice can be found here:

https://www.iiroc.ca/Documents/2020/4402732d-6260-4687-8ac4-9c8c4ff91ffd_en.pdf

Recent Posts

See All

01/06/2022 - Effective date of Amendments to National Instrument 81-105 Mutual Fund Sales Practices and Related Consequential Amendments relating to prohibition of deferred sales charges for investmen

According to the CFA Institute, the most common definition of a derivative is that it is “a financial instrument that derives its performance from the performance of an underlying asset.’’ There are t